NBA LEASE SUMMARIESNba Lease • July 29th, 2013
$7 million for the land. The Phoenix Suns contributed $55 million. The city has a 30-year commitment from the Suns to repay a portion of the contribution at $500,000 per year, with an annual 3% increase. The city will also receive 40% of revenue from luxury boxes and advertising.
NBA LEASE SUMMARIESNba Lease • July 29th, 2013
This Agreement shall commence on the date of substantial completion of the arena or parking facilities (whichever occurs first) and shall expire on the twenty-fifth (25th) anniversary of the date of substantial completion of the arena. – Statement of Purpose
NBA LEASE SUMMARIESNba Lease • July 29th, 2013
The city spent $20 million on the land for the arena. The sports authority sold $182 million in bonds to build the arena and secured $125 million of that with money from hotel and car rental taxes. The garage project is paid for by a private business. The Rockets are responsible for cost overruns and have pledged to spend $20 million on enhancements.
